Awareness of the Differences Between Islamic Insurance and Conventional Insurance amongst Students of Islamic Studies in Sri Lanka

Authors

  • Mohamed Naushad Mohamed Minaz Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University
  • Sayed Mohamed Mohamed Mazahir Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University
  • Ahamed Mukthar Faiser Fathima Nihla Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University
  • Kalanthar Lebbe Fathima Masliha Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

DOI:

https://doi.org/10.21154/invest.v3i1.5794

Keywords:

awareness, insurance, Islamic insurance, Takāful, Sri Lanka

Abstract

The purpose of this study is to assess the level of awareness and understanding of Takaful, an Islamic insurance scheme, as compared to traditional insurance among students of Islamic Studies in Sri Lanka. Despite the growing popularity of Takaful in the country, there is a notable lack of awareness and understanding of this concept among Sri Lankans. By conducting a survey among Sri Lankan students, this research seeks to determine the level of awareness and acceptance of Takaful, while identifying the factors that influence this perception. The research methodology employed was to collect data through questionnaires distributed to customers in Sri Lanka. The findings indicate that although there is a growing demand for Takaful in the country, a significant portion of the population is either unaware of its existence or hesitant to adopt it due to prevailing misconceptions. The study highlights the importance of increasing awareness and understanding of Takaful to encourage greater participation in this form of insurance. In addition, future research could examine the reasons for limited engagement with Takaful and explore strategies to promote insurance literacy and active participation in the industry.

Author Biographies

Mohamed Naushad Mohamed Minaz, Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

Mohamed Naushad Mohamed Minaz is a student of the South Eastern University of Sri Lanka. He is currently pursuing a Bachelor of Arts Honours degree in Islamic Banking and Finance in the Faculty of Islamic Studies and Arabic Language. Islamic finance, takaful, green finance, sukuk, climate finance and multidisciplinary areas are his research interests.

Sayed Mohamed Mohamed Mazahir, Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

Professor Seyed Mohamed Mohamed Mazahir is a former Dean of the Faculty of Islamic Studies and Arabic Language, South Eastern University of Sri Lanka. He is a Professor of Islamic Culture in the Department of Islamic Studies. He successfully completed his Ph.D. from the University of Malaysia. He is an outstanding researcher in the field of Islamic Studies in Sri Lanka.

Ahamed Mukthar Faiser Fathima Nihla, Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

Ahamed Mukthar Faiser Fathumma Nihla is a student of the South Eastern University of Sri Lanka. She is pursuing a Bachelor of Arts honors degree in Islamic Banking and Finance in the Department of Islamic Studies in the Faculty of Islamic Studies and Arabic Language. Islamic Economics, Gender Studies in Islam, Islamic Banking are the areas of her research interest.

Kalanthar Lebbe Fathima Masliha, Department of Islamic Studies, Faculty of Islamic Studies and Arabic Language, South Eastern University

Kalandher Lebbe Fathima Masliha is a graduate of Bachelor of Arts Honours in Islamic Banking and Finance and currently pursuing MPhil in Faculty of Islamic Studies and Arabic Language. She is a former Assistant Lecturer in the Department of Islamic Studies in the South Eastern University of Sri Lanka. Salam Finance, Shariah Governance, Islamic Finance are her research interests.

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Published

2023-06-06

How to Cite

Mohamed Minaz, M. N., Mohamed Mazahir, S. M., Fathima Nihla, A. M. F., & Fathima Masliha, K. L. (2023). Awareness of the Differences Between Islamic Insurance and Conventional Insurance amongst Students of Islamic Studies in Sri Lanka. Invest Journal of Sharia & Economic Law, 3(1), 84–104. https://doi.org/10.21154/invest.v3i1.5794

Issue

Vol. 3 No. 1 (2023)

Section

Articles

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